Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.21.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
The calculation of basic and diluted net loss per share for the years ended December 31, 2020 and 2019 are as follows:


   

2020

   

2019

 

Basic Net Loss Per Share:

               

Numerator:

               

Net loss

  $ (6,324,271

)

  $ (5,030,448

)

Denominator:

               

Weighted-average common shares outstanding

    238,576,740       176,957,325  
                 

Basic net loss per share

  $ (0.03

)

  $ (0.03

)

                 

Diluted Net Loss Per Share:

               

Numerator:

               

Net loss

  $ (6,324,271

)

  $ (5,030,448

)

Diluted net loss

  $ (6,324,271

)

  $ (5,030,448

)

Denominator:

               

Weighted-average common shares outstanding

    238,576,740       176,957,325  

Common stock warrants

    -       -  

Convertible debt

    -       -  

Weighted average shares used in computing diluted net loss per share

    238,576,740       176,957,325  
                 

Diluted net loss per share

  $ (0.03

)

  $ (0.03

)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]
The following table summarizes the potential shares of common stock that were excluded from the computation of diluted net loss per share for the years ended December 31, 2020 and 2019 as such shares would have had an anti-dilutive effect:


   

2020

   

2019

 

Common stock warrants

    491,875       2,852,329  

Convertible notes payable

    323,859,717       148,704,866  

Total

    324,351,592       151,557,195  
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
Net deferred tax assets consist of the following components as of December 31, 2020 and 2019:


   

2020

   

2019

 

Deferred tax assets:

               

Net operating loss carryforward

  $ 8,959,019     $ 8,167,076  

Valuation allowance

    (8,959,019

)

    (8,167,076

)

    $ -     $ -  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
The federal income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate of 21% to pretax income from continuing operations for the years ended December 31, 2020 and 2019 due to the following:


   

2020

   

2019

 

Pre-tax book loss

  $ (1,328,097

)

  $ (1,056,394

)

Meals

    406       902  

Common stock issued for services

    37,886       105,932  

Change in fair value of shares settled debt                                                                                           

    115,168       -  

Debt discount amortization

    382,695       267,488  

Valuation allowance

    791,942       682,072  
    $ -     $ -  
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]
The following table presents the Company’s liabilities that are measured at fair value on a recurring basis, consistent with the fair value hierarchy provisions.


December 31, 2020

 
   

Quoted Prices in Active Markets for Identical Liabilities

   

Significant Other Observable Inputs

   

Significant Unobservable Inputs

         
   

(Level 1)

   

(Level 2)

   

(Level 3)

   

Total

 

Liabilities:

                               

Convertible notes

  $ 548,419     $ -     $ -     $ 548,419  

Total

  $ 548,419     $ -     $ -     $ 548,419  

December 31, 2019

 
   

Quoted Prices in Active Markets for Identical Liabilities

   

Significant Other Observable Inputs

   

Significant Unobservable Inputs

         
   

(Level 1)

   

(Level 2)

   

(Level 3)

   

Total

 

Liabilities:

                               

Convertible notes

  $ -     $ -     $ -     $ -  

Total

  $ -     $ -     $ -     $ -